VG008
Senior Member
PayPal offers two kinds of products:
One for sellers and the other for buyers (the general consumer).
Seller:
If you are a seller, you will be receiving money into your PayPal account. Once you receive this money, you will want to transfer this money into your South African bank account. Currently, only FNB allows you to transfer this money into your FNB account.
Buyer:
A buyer is basically the consumer that wants to purchase an item online. To do this, paypal needs access to your money. The easiest method to get access to your money is via a bank card (since most people have this).
When you register with PayPal, you will link your bank card to your paypal account. PayPal stores your card details, however they never share these details with any merchant (online store). Paypal will debit your account and send the money to the merchant.
Essentially, since PayPal is a trusted company, your card details are 'secure'.
What kind of bank card can be linked to paypal account
Back in the day you needed a credit card to purchase goodies online. Times have changed; You can link most cheque cards, credit cards, and even newer debit cards to your paypal account.
If your bank card has the following, you can link it to your paypal account:
MasterCard or Visa Logo
Has an expiry date
Has a three digit code on the back of the card (known as a CVV)
Bank cards that have a maestro logo or visa electron logo can't be linked to your paypal account. These cards are traditional debit cards.
You might need to ask your bank to enable online shopping on your card; I believe this is the case with the new Capitec MasterCards.
What if the merchant doesn't accept PayPal accounts and/or I have a traditional debit card?
PayD
Standard Bank offers a technology called PayD which allows you to link your debit card to a PayD account. The concept is similar to PayPal.
The limitations on PayD are:
1. Doesn't work internationally
2. Limited to a few merchants in South Africa
EFT
Most South Africa merchants allows you to pay for items via EFT. This payment method is obviously limited to merchants that accept EFTs.
VCpay
VCpay is a smartphone application that allows you to create virtual MasterCards for online shopping. To get funds into your virtual wallet, you can do an EFT into your wallet.
This allows you to transaction on stores that don't accept PayPal, or if you have a traditional debit card, or if you don't want to expose your MasterCard/Visa card details.
Limitation is that, it is a smart phone app only. People with no smart device can't use the product.
One for sellers and the other for buyers (the general consumer).
Seller:
If you are a seller, you will be receiving money into your PayPal account. Once you receive this money, you will want to transfer this money into your South African bank account. Currently, only FNB allows you to transfer this money into your FNB account.
Buyer:
A buyer is basically the consumer that wants to purchase an item online. To do this, paypal needs access to your money. The easiest method to get access to your money is via a bank card (since most people have this).
When you register with PayPal, you will link your bank card to your paypal account. PayPal stores your card details, however they never share these details with any merchant (online store). Paypal will debit your account and send the money to the merchant.
Essentially, since PayPal is a trusted company, your card details are 'secure'.
What kind of bank card can be linked to paypal account
Back in the day you needed a credit card to purchase goodies online. Times have changed; You can link most cheque cards, credit cards, and even newer debit cards to your paypal account.
If your bank card has the following, you can link it to your paypal account:
MasterCard or Visa Logo
Has an expiry date
Has a three digit code on the back of the card (known as a CVV)
Bank cards that have a maestro logo or visa electron logo can't be linked to your paypal account. These cards are traditional debit cards.
You might need to ask your bank to enable online shopping on your card; I believe this is the case with the new Capitec MasterCards.
What if the merchant doesn't accept PayPal accounts and/or I have a traditional debit card?
PayD
Standard Bank offers a technology called PayD which allows you to link your debit card to a PayD account. The concept is similar to PayPal.
The limitations on PayD are:
1. Doesn't work internationally
2. Limited to a few merchants in South Africa
EFT
Most South Africa merchants allows you to pay for items via EFT. This payment method is obviously limited to merchants that accept EFTs.
VCpay
VCpay is a smartphone application that allows you to create virtual MasterCards for online shopping. To get funds into your virtual wallet, you can do an EFT into your wallet.
This allows you to transaction on stores that don't accept PayPal, or if you have a traditional debit card, or if you don't want to expose your MasterCard/Visa card details.
Limitation is that, it is a smart phone app only. People with no smart device can't use the product.